Marussia set to exit administration

By on Wednesday, February 4, 2015
Marussia F1 Team

Marussia F1 Team

The beleaguered Marussia outfit is set to exit administration with a view to returning to Formula 1 this season.

Marussia entered administration in October last year and missed the final three races of the 2014 campaign.

Administrators undertook an auction of some of the team's assets but a second auction - at which the squad's 2014 cars were set to be sold - was called off at the last minute as talks continued to save the team.

Marussia still holds an entry for the upcoming campaign under its Manor Grand Prix guise.

"Since the appointment of administrators negotiations have taken place with a number of parties to try and secure a long-term solution for the team," said Geoff Rowley, joint administrator at FRP Advisory.

"We can confirm that negotiations continue towards a longer term viable solution for the business and participation of a team in the 2015 season. It is envisaged that, prior to the commencement of the first race of the 2015 season, investment into the business will be made upon the company exiting from administration via a Company Voluntary Arrangement [CVA], which is planned for 19 February 2015.

"A CVA is a restructuring process agreed with the company's creditors which allows for a turnaround of the business and the creation of a longer term viable solution for the team. Given the confidential nature of the negotiations underway we are unable to provide further details.

"The joint administrators would like, on behalf of Marussia F1 Team, to thank all involved with the team for their support during this process."

Should the team be saved and compete in this year's series, it would be in line to receive the prize money it earned from finishing ninth in last year's Constructors' championship.

The World Motor Sport Council agreed at the end of last year that Marussia - and Caterham - would be permitted to use their 2014 machines if they were able to compete in this season's championship, though this would still need further approval from Formula 1's Strategy Group.

Marussia would have to use a different base after the Banbury factory which it had used in recent seasons was acquired by Gene Haas.

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